Hubbell provides a homeownership option in Gray’s Station development
BPC Staff Mar 6, 2018 | 9:38 pm
1 min read time
254 wordsAll Latest News, Real Estate and DevelopmentHubbell Realty Co. has released plans to build 89 townhome units in its Gray’s Station development between Martin Luther King Jr. Parkway and the Raccoon River in downtown Des Moines, along with the first images of a bridge that will span the river and provide a link to Gray’s Lake. The for-sale townhomes come in a range of sizes and styles, including attached and detached units and condominiums. The company plans to begin building streets and and trails in the 75-acre development this summer. Plans call for bridge construction to begin in July, with construction of the townhomes scheduled to begin in October. Hubbell previously released plans for 200 apartment units in two buildings, along with space for commercial tenants, that will front Martin Luther King Jr. Parkway along with a plaza that will provide a view beyond the apartments to the sprawling development. Hubbell President and CEO Rick Tollakson said the for-sale units will provide an alternative for downtown renters who are ready to buy a home but have limited options if they want to remain downtown. “Our target market is the downtown renter. We have a large population of downtown renters, and they are increasing daily,” Tollakson said in an email. “A lot of these renters want to own rather than rent, and we are offering them that opportunity. If the market does not provide renters the opportunity to purchase a new home downtown, and assuming they want to own, they will have no other choice than to move to the suburbs.”